Question

What is cost? What is the difference between total cost and average cost

Answer 1

In economics, average cost and/or unit cost is equal to total cost divided by the number of goods produced (the output quantity, Q). It is also equal to the sum of average variable costs (total variable costs divided by Q) plus average fixed costs (total fixed costs divided by Q).

Answer 2

Heyaa folk,

Here's your best answer =>>>

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First, you want to know the definition.

■ COST ■

In business, cost is usually a monetary valuation of :
1) Effort.
2) Material.
3) Resources.
4) Time.
5) Risks incurred.


Then,

want a difference between average and total cost ?
Here's difference,

● Total Cost :

# Total cost is the cost made up of variable costs.

# It is cost of production.

# It is the quantity of good produced.


● Average cost :

# Average cost is a cost equal to total cost divided by the no. Of goods.

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